Using the firm-level data of 33 countries over 10 years (2008–2017), we find that the listed firms have lower returns on assets than the similar unlisted firms, in most countries. The result is associated with a higher capital-labor ratio of listed firms, implying that the listed firms face less financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages (i.e., ROA difference) across the countries. Compared to English origin law, countries with German and Scandinavian legal origins strongly narrow the listing advantages but the French legal origin shows mixed results. Overall, the listing advantages seem narrowed with stronger creditor’s rights but show unclear associations with the strength of corporate governance.

使用过去10年（2008-2017年）中33个国家/地区的公司级数据，我们发现，在大多数国家中，上市公司的资产收益率低于类似的非上市公司。结果与上市公司较高的资本劳动比率有关，这意味着上市公司面临的财务约束较少。此外，我们研究了加剧或减轻各国上市优势（即ROA差异）的制度因素。与英国起源法律相比，具有德国和斯堪的纳维亚法律起源的国家极大地缩小了上市优势，但法国法律起源却显示出不同的结果。总体而言，随着债权人权利的增强，上市优势似乎有所缩小，但与公司治理实力之间的关联却不明确。